LVMH, which is Europe’s second-largest listed company and worth nearly €400-billion, is the first luxury goods maker to report quarterly earnings, setting the tone as worries grow about demand in China
LVMH reported a 3 per cent rise in first quarter sales on Tuesday, marking a slowdown as rising prices prompted more shoppers who aspire to own its handbags and other luxury goods to hold back on splashing out thousands of dollars.
The world’s largest luxury group, owner of Louis Vuitton, Tiffany & Co. and Bulgari, said sales for the quarter ending in March were up 3 per cent year-on-year on an organic basis to €20.69-billion , matching analyst expectations. Gucci-owner Kering last month issued a surprise warning that first quarter sales would slump 10 per cent, with sharp declines in Asia, casting uncertainty for the sector’s outlook.
Sales in the division, which sells small Lady Dior handbags priced at 5,400 euros and roomy Louis Vuitton Speedy bags for 10,000 euros, had risen by 9 per cent year-on-year the previous quarter.
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